topic Re: US Bank secured cash back card in Rebuilding Your Credit

US Bank secured cash back card

user365735 — Tue, 03 Jan 2023 05:16:38 GMT

I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?

Re: US Bank secured cash back card

FireMedic1 — Tue, 03 Jan 2023 13:12:27 GMT

@user365735 wrote:
I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?

Your approved. Why deny now? Go to a branch and give them the cash in the amount you want. You want a bigger limit. You have to add more. They approved you with what your file (scores) has for now. Dont kick a gift horse in the mouth.

Re: US Bank secured cash back card

markbeiser — Tue, 03 Jan 2023 13:59:33 GMT

I don't think any secured cards will deny a CLI in the ammount of the additional deposit.

Re: US Bank secured cash back card

Lurker22 — Tue, 03 Jan 2023 14:52:13 GMT

@user365735 wrote:
I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?

I have the Secured Cash + and the Secured Altitude Go, you can always send an additional deposit to have the prem limit increased as was mentioned before but one great thing USB does is if you have a credit balance on the account it's added to your available credit (so with your $300 limit if you have a $300 credit balance they'll let you charge up to $600 in one swipe)

My first card became eligible for graduation last month but didn't, I'm assuming due to an open 13 that closed on the 29th, hopefully will this month - second card becomes eligible in March

Re: US Bank secured cash back card

crrredit — Fri, 06 Jan 2023 00:08:32 GMT

One thing to be aware of is that US Bank reports to the credit bureaus at the end of the month. So it's your balance on the day they report, not your statement balance. Most months they have reported on the last business day of the month, but in December they reported on the 29th.

Re: US Bank secured cash back card

Jeffster1 — Fri, 06 Jan 2023 15:28:21 GMT

Excellent bank, in my experience

Re: US Bank secured cash back card

Jeffster1 — Fri, 06 Jan 2023 15:30:13 GMT

Re: US Bank secured cash back card

user365735 — Fri, 06 Jan 2023 03:17:20 GMT

@Lurker22 wrote:
@user365735 wrote:
I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?
I have the Secured Cash + and the Secured Altitude Go, you can always send an additional deposit to have the prem limit increased as was mentioned before but one great thing USB does is if you have a credit balance on the account it's added to your available credit (so with your $300 limit if you have a $300 credit balance they'll let you charge up to $600 in one swipe)

My first card became eligible for graduation last month but didn't, I'm assuming due to an open 13 that closed on the 29th, hopefully will this month - second card becomes eligible in March

Are you saying the extra payment will show up as a higher credit limit on reports or it just increases your spending ability? I don't think I'm paying for a money order to increase my limit. after getting discharged I'm living frugality. F that. Maybe I will apply for their other cashback card and put a higher limit.

Re: US Bank secured cash back card

Jeffster1 — Fri, 06 Jan 2023 03:36:26 GMT

The additional deposit, if accepted, will increase your credit limit, and the new limit will report.

Re: US Bank secured cash back card

OmarGB9 — Fri, 06 Jan 2023 04:34:14 GMT

@user365735 wrote:
@Lurker22 wrote:
@user365735 wrote:
I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?
I have the Secured Cash + and the Secured Altitude Go, you can always send an additional deposit to have the prem limit increased as was mentioned before but one great thing USB does is if you have a credit balance on the account it's added to your available credit (so with your $300 limit if you have a $300 credit balance they'll let you charge up to $600 in one swipe)

My first card became eligible for graduation last month but didn't, I'm assuming due to an open 13 that closed on the 29th, hopefully will this month - second card becomes eligible in March
Are you saying the extra payment will show up as a higher credit limit on reports or it just increases your spending ability? I don't think I'm paying for a money order to increase my limit. after getting discharged I'm living frugality. F that. Maybe I will apply for their other cashback card and put a higher limit.

I believe they're saying that if you overpay, it'll work like a temporary limit increase for just that month, but no that would not be reported as a higher limit to the bureaus.

Re: US Bank secured cash back card

Jeffster1 — Fri, 06 Jan 2023 15:23:11 GMT

@OmarGB9 wrote:
@user365735 wrote:
@Lurker22 wrote:
@user365735 wrote:
I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?
I have the Secured Cash + and the Secured Altitude Go, you can always send an additional deposit to have the prem limit increased as was mentioned before but one great thing USB does is if you have a credit balance on the account it's added to your available credit (so with your $300 limit if you have a $300 credit balance they'll let you charge up to $600 in one swipe)

My first card became eligible for graduation last month but didn't, I'm assuming due to an open 13 that closed on the 29th, hopefully will this month - second card becomes eligible in March
Are you saying the extra payment will show up as a higher credit limit on reports or it just increases your spending ability? I don't think I'm paying for a money order to increase my limit. after getting discharged I'm living frugality. F that. Maybe I will apply for their other cashback card and put a higher limit.

I believe they're saying that if you overpay, it'll work like a temporary limit increase for just that month, but no that would not be reported as a higher limit to the bureaus.

Yup...he's conflating the two issues:

Issue 1. If you end up with a credit balance, they temporarily allow me to spend up to the limit plus credit balance.

issue 2. Adding money into the linked secured account raises my credit limit to the total amount I have on deposit,

Re: US Bank secured cash back card

user365735 — Fri, 06 Jan 2023 06:14:56 GMT

I'm not confusing the two. It sounded like the "fake" credit limit was reported as you typed it.

2) how do you add money to the linked secured account to increase your limit? I don't see any accounts when I login except for the secured card.

Re: US Bank secured cash back card

Lurker22 — Fri, 06 Jan 2023 13:45:05 GMT

@user365735 wrote:
@Lurker22 wrote:
@user365735 wrote:
I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?
I have the Secured Cash + and the Secured Altitude Go, you can always send an additional deposit to have the prem limit increased as was mentioned before but one great thing USB does is if you have a credit balance on the account it's added to your available credit (so with your $300 limit if you have a $300 credit balance they'll let you charge up to $600 in one swipe)

My first card became eligible for graduation last month but didn't, I'm assuming due to an open 13 that closed on the 29th, hopefully will this month - second card becomes eligible in March
Are you saying the extra payment will show up as a higher credit limit on reports or it just increases your spending ability? I don't think I'm paying for a money order to increase my limit. after getting discharged I'm living frugality. F that. Maybe I will apply for their other cashback card and put a higher limit.

Increases your available spending, doesn't change the CL reported to the bureaus

Re: US Bank secured cash back card

Lurker22 — Fri, 06 Jan 2023 13:45:44 GMT

@OmarGB9 wrote:
@user365735 wrote:
@Lurker22 wrote:
@user365735 wrote:
I finally got approved for what I consider a decent card!! Does anyone have any experience with us bank? They requested a "deposit" as I was applying, and since everything else was denied I only gave $300 thinking it would be denied. They approved me and I am using the card but I'd like to have a bigger limit. They want me to "apply" and send a money order with a new deposit.

I'm just wondering does us bank have good graduation ratios? Is it almost guaranteed to be upgraded? Would a higher limit help? I'm concerned if they "deny" me it will be hell to get my deposit back on a money order. They won't accept a check or ACH transfer according to the form I have. Can I call them to take a Deposit? Why even make people go through this trouble?
I have the Secured Cash + and the Secured Altitude Go, you can always send an additional deposit to have the prem limit increased as was mentioned before but one great thing USB does is if you have a credit balance on the account it's added to your available credit (so with your $300 limit if you have a $300 credit balance they'll let you charge up to $600 in one swipe)

My first card became eligible for graduation last month but didn't, I'm assuming due to an open 13 that closed on the 29th, hopefully will this month - second card becomes eligible in March
Are you saying the extra payment will show up as a higher credit limit on reports or it just increases your spending ability? I don't think I'm paying for a money order to increase my limit. after getting discharged I'm living frugality. F that. Maybe I will apply for their other cashback card and put a higher limit.

I believe they're saying that if you overpay, it'll work like a temporary limit increase for just that month, but no that would not be reported as a higher limit to the bureaus.

Correct

Re: US Bank secured cash back card

Jeffster1 — Fri, 06 Jan 2023 15:31:42 GMT

@user365735 wrote:
I'm not confusing the two. It sounded like the "fake" credit limit was reported as you typed it.

2) how do you add money to the linked secured account to increase your limit? I don't see any accounts when I login except for the secured card.

I posted detailed instructions straight from the USBank website upthread. I deleted it just now as it just seems to confuse the issue for you. Good luck.

Re: US Bank secured cash back card

Jeffster1 — Fri, 06 Jan 2023 15:24:16 GMT

@user365735 wrote:
I'm not confusing the two. It sounded like the "fake" credit limit was reported as you typed it.

Nobody said that.

Re: US Bank secured cash back card

butterpecan — Fri, 16 Jun 2023 16:41:44 GMT

@Lurker22 Did they do another Hard Pull inquiry when you add funds to your secured card?

Re: US Bank secured cash back card

Lurker22 — Sun, 18 Jun 2023 10:24:59 GMT

@butterpecan wrote:
@Lurker22 Did they do another Hard Pull inquiry when you add funds to your secured card?

sorry can answer, I never added funds to increase my CL

Re: US Bank secured cash back card

butterpecan — Sun, 18 Jun 2023 13:15:50 GMT

@Jeffster1 wrote:
The additional deposit, if accepted, will increase your credit limit, and the new limit will report.

@Jeffster1 Do you know if they do another Hard Pull if you add an additional deposit to the card?

Re: US Bank secured cash back card

gloverkevin — Sun, 18 Jun 2023 16:15:03 GMT

Maybe I am bias but I have:

US Bank Smartly Checking (NO FEES)

US Bank Standard Savings

US Bank Business Checking (For my LLC)

US Bank Cash+ ($500) Secured

US Bank Altitude Go ($300) Secured

I use the Cash + for Gym/Cellphone mainly with the 5%

Altitude is my dinging out card at 4X points

I use Kwik Star credit card for gas 3c off gallon better than both my US Bank cards

Target Card 5% off groceries

This is my go to card selection right now, not the best, but better than using a debit card hahaha.

I love their products and my local branch treats me very well, they even gave me a gift bag with a sweatshirt, pen, sunglasses. Maybe my experience was amazing, and I hate to see other people have bad ones, but their credit cards are on par with AMEX and CHASE. I have secured cards for mine, but they will graduate next year as long as I keep a good track record with them. Do the same, don't mess these cards up.